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Updated almost 5 years ago on . Most recent reply
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QBI deductions - Tax considerations for K-1 syndication investors
Doing my taxes now. Have about 9 K-1s as an LP in syndications. I am able to put in all the info in the numbered Boxes, and at the very end, it asks me if there is a "Z code" in Box 20 (the first two syndications I am doing 2019 taxes for have this). A 'Statement A' for QBI deductions is attached.
Unfortunately, the H&R Block Premium software I am using asks all this, and then it tends me to talk to a tax pro after I say that my Statement A QBI deductions has info in multiple columns. So now I am stuck here. (Please see the attached 2 successive screenshots). The last screen just says 'talk to an HR Block tax pro'.
Will not persuing this further limit my tax treatment (how many deductions I get) ?
For 2020 I will probably have 11-12 K-1s. I don't remember this QBI deductions / multiple columns thing at all for 2018 taxes. Any help is much appreciated guys.
Most Popular Reply
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@Andrey Y. to answer your question about 18 vs 19...QBI was new in 2018, so the reporting wasn't completely clear nor were syndicates completely up to speed on properly reporting based on the Regs. We will likely continue to see changes around QBI reporting and before you know it...it will be gone!
- Greg O'Brien